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General Property Management
Lease renewal
K
Kelly D
started a topic
over 15 years ago
My tenants lease will be up in approximately 45 days. They would now like to rent month to month rather then renew another 12 month lease. They have been renting the property for one year. Do I have the right to increase the rent since the lease will now be on a month to month basis? This property is in the state of AZ.
22 Comments
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S
Scott H
said
about 6 years ago
What kind of business? Do people come to the house? Are they properly insured? Hate to be named in a lawsuit if someone sues them for anything. Besides that as long as your ok with the business do up a new lease. I like to have my tenants under at least a year long lease. Good time to raise the rent a little, no more then 5% at a time. I usually say it will be $50 a monthincrease for one year lease, $25 dollar if they sign a two year.
M
Matthew M
said
about 5 years ago
As long as both the tenant and landlord are in agreement, you can change anything in the lease. For this, issue a new lease with the appropriate wording.
M
Mil M
said
about 5 years ago
Hello! After a signed Lease Renewal saying (If you agree to continue the lease, all term and condition of your lease will remain in full force and effect.) Do I have to draw a new lease? Iustina A.
M
Matthew M
said
about 5 years ago
Confused. Do you and/or the tenant want to change the terms of the lease after it was signed?
M
Marisol B
said
almost 5 years ago
Is there a specific lease renewal form to use?
M
Mil M
said
over 4 years ago
No. Not changing the terms just renewing for another full term.
S
Scott H
said
over 4 years ago
If the lease they signed has the auto renew in it they received written notice when they originally sighed the lease. So they are on for another full term as described in the lease. I usually do a new lease every other year. In the nest lease add in a auto rent increase $25/$50 if you don;t keep the amount current with market rate you can fall behind and it can get tough to get it back up. It's easier to increase it $25 a month every year then to wait 5 years and increase it $125.
M
Matthew M
said
about 4 years ago
legally no. But it is a good practice to have.
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